Accumulating at Support, ADA May Rebound

Cardano (ADA) is currently hovering in a key support zone, indicating a strong recovery. Although the cryptocurrency market remains in a downtrend, experts predict that ADA could reach a price range of $0.90 to $0.94 in the short term if the uptrend continues.

Technical analysis shows that ADA remains within a parallel price channel, with momentum holding at the lower boundary of the pattern. Some analysts on TradingView believe that ADA has broken through short-term resistance levels and opened a new trading range. In addition, despite the previous bearish divergence signal on RSI, ADA still maintains its bullish momentum, reinforcing confidence in its recovery.

ADA/USDT 4-hour chart | Source: TradingView

If ADA maintains its current price structure, the important resistance level at $0.98 may be tested in the near term. However, if selling pressure increases and buying pressure weakens, the trend could reverse to the downside.

Cardano Network Activity Continues to Grow

Despite the decline in ADA price, the Cardano ecosystem has seen steady growth in terms of network activity.

According to data from IntoTheBlock, the number of daily active addresses on Cardano increased by 11.99% over the past week, while the number of new addresses increased by 4.79%. At the same time, the number of zero balance addresses also increased by 12.26%.

The increase in the number of users shows that the interest in Cardano remains stable despite market volatility. Maintaining active activity could help stabilize the price of ADA and lay the foundation for the next bull run.

Long-term Forecast: Cardano Could Rise to Top 6 Market

Aside from short-term volatility, some analysts predict that ADA has the potential to grow strongly in the future.

Tim Warren, a market analyst, believes that Cardano could surpass Dogecoin and USD Coin to reach the 6th or 7th position in the market capitalization rankings. He predicts that Cardano's capitalization could reach $250 billion, pushing ADA's price to $7, based on a strong growth cycle and the possibility of this blockchain being used by the US government to track public spending.

In addition, Cardano founder Charles Hoskinson is still pushing for clearer regulations for the cryptocurrency market. He supports the FIT21 bill to clearly define digital assets as securities or commodities, and is working with government agencies to develop appropriate policies.

These efforts could help create stability for the cryptocurrency industry and pave the way for Cardano’s long-term growth.

ADA’s Current Price Situation

At the time of writing, ADA is trading around $0.8097, down 2.67% over the past 24 hours. However, the price is consolidating at support and has started to recover slightly after the recent decline.

With positive network activity and technical signals suggesting that ADA could continue its uptrend, investors are expecting a breakout in the near future.